Used as an intermediate in the synthesis of agrochemicals and pharmaceuticals, particularly in the production of plant growth regulators and fungicides. It serves as a building block in the preparation of chelating agents and optical brighteners due to its ability to form stable complexes with metal ions. Also employed in the development of photochromic materials and UV absorbers for coatings and plastics, offering enhanced light stability. Its aldehyde and phenolic functional groups make it valuable in condensation reactions for creating Schiff bases and other specialty organic compounds.